The Town Center Blog

How a Lifecare Contract Could Save You Money

Planning for the Future | 11/15/21


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Smart retirement planning means anticipating your expenses and thinking about how your needs may change in the future, including factors that may be hard to predict, like your health. A financial tool like a Lifecare contract is a simple solution for managing against the uncertainty that lies ahead.

 

Rising Healthcare Costs

Even if you’re generally healthy, you can probably count on needing more healthcare services the older you get—but exactly what kind of care you’ll need, when, and how much it will cost are unknown for most seniors entering retirement.

What’s more, rising healthcare costs may throw another wrench in your careful plans. A recent survey revealed 78% of New Jersey residents are paying more for health care each year, and nearly three-quarters of residents believe healthcare costs are rising faster than their income. If you’re like the majority of residents, you may worry about how you’ll pay if you get sick or injured.

 

How a Lifecare Contract Works

Fortunately, if you’re considering a move to a Life Plan Community, also known as a continuing care retirement community or CCRC, you may have the ability to create a solid plan and budget for your retirement, despite the unknowns and rising costs.

Choosing a Life Plan Community gives you access to a continuum of care within the community so you can get the care you need when you need it. A Lifecare contract lets you lock in the price you’ll pay for that future care so you don’t have to worry about rising healthcare costs. You can expect monthly rates similar to what you would pay in independent living, with minimal (if any) increases year over year.

 

Benefits of a Lifecare Contract

The greatest advantage of a Lifecare contract is the comprehensive protection it affords you against rising healthcare expenses. You gain the peace of mind of knowing you have lifelong care at predictable costs, no matter what your future brings.

As a resident of a Life Plan Community like The Oaks at Denville, if you opt for the Lifecare contract, this means even if you need additional care at some point in the future, you can count on predictable monthly costs while accessing additional care within the comfort of the community you call home. In addition to independent living, the continuum of care spans a wellness clinic, assisted living, skilled nursing, rehabilitation, and more. 

Beyond access to the care you need at rates you can predict for life, other benefits of a Lifecare contract include financial security, the ability to protect your assets, and potential tax advantages, since your investment may qualify as a prepaid medical expense.

 

Make a Secure Plan for Your Future

If your retirement wish list includes an enriching lifestyle, exclusive services and amenities, and a lifetime of access to care as your needs evolve, The Oaks at Denville may be the ideal senior living community for you.

You’re sure to appreciate all the choices for our spacious floor plans, and our team will gladly sit down to review your goals and ensure you understand all the options. Contact us today to set your plans for a stable financial future in motion.